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Business Rescue
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The South African Post Office has applied to exit business rescue following a R381-million government investment that stabilised operations and safeguarded 5 956 jobs, the ANC says. Meanwhile, Tongaat Hulett's business rescue practitioners, the Industrial Development Corporation and the Vision Group have reached an agreement to preserve the sugar company's operations and support an estimated 250 000 jobs across the value chain, with the IDC becoming a significant shareholder in Vision companies and extending post-commencement finance to the end of September.
Petra places Finsch mine in business rescue, threatens 1 700 jobsLondon-listed Petra Diamonds has placed its Finsch diamond mine in Kimberley under business rescue and issued a Section 189A retrenchment notice at the Cullinan mine, putting nearly 1 800 livelihoods at risk. Business rescue practitioners have taken custodianship of Finsch and suspended production activities pending completion of a mine-specific business plan, while the National Union of Mineworkers condemns the move and calls for urgent government intervention to address weak diamond markets and rising imports.
Courts tighten scrutiny of business rescue applicationsRecent High Court judgments have reaffirmed that business rescue is not automatic and that courts will closely examine whether a credible, factually supported basis for rescue exists. The Gauteng High Court upheld the power of adopted business rescue plans to fundamentally reshape equity structures through recapitalisation, while the Pretoria High Court dismissed a winding-up application where debt was genuinely disputed, warning that liquidation is not a debt-collection mechanism.
Business Rescue Updates
The ANC has welcomed the South African Post Office’s application to exit business rescue, hailing the move as a critical turning point in restoring the State-owned entity to operational health. The...
Trade, Industry and Competition Minister Parks Tau has welcomed the withdrawal of the liquidation proceedings of sugar milling company Tongaat Hulett and praises stakeholders who worked to secure a...
The business rescue practitioners (BRPs) of Tongaat Hulett have reached an agreement with the Industrial Development Corporation of South Africa (IDC) and the Vision Group of companies to preserve...
Trade union the National Union of Mineworkers (NUM) has condemned the decision by London-listed Petra Diamonds to place the Finch diamond mine in Kimberley under business rescue and to issue a...
Business rescue practitioners (BRPs) Daniel Theodorus van Jaarsveld and Luke Bernard Saffy have taken over the custodianship of London-listed Petra Diamonds' Finsch mine, in South Africa, and will...
Amid continued weakness in the diamond market, London-listed Petra Diamonds has decided to place its Finsch mine, in South Africa, in business rescue in order to protect the overall business. CEO...
The KwaZulu-Natal High Court on April 16 granted an adjournment of the provisional liquidation application of distressed agri-business Tongaat Hulett, with the matter set down for hearing on June...
Critical and precious metals project developer and investor Metals One reports that Lions Bay Resources (LBR), in which it holds a 30% stake, has submitted revised offers to acquire selected...
“You wait ages for one – and then three come along at the same time!” You might well be familiar with this idiom, usually associated with a bus and used to describe a long period of waiting for...
By: Gavin Taylor The collapse of South Africa’s major construction firms is often described as a tragedy. It isn’t. It is a diagnosis.
The business rescue practitioners (BRPs) of sugar producer Tongaat Hulett have reported that, after exhausting all reasonable endeavours, they have applied to the High Court of South Africa...
Black women-owned engineering and energy infrastructure firm Kulani Energy has acquired key assets from Optipower that historically operated as a division of Murray & Roberts Limited, which is in...
Fleet management services company Afrirent has acquired bus manufacturer Busmark as part of Busmark's exit from business rescue as a going concern. The transaction is part of Afrirent’s strategic...
Following its acquisition of SGB-SMIT Power Matla as part of a business rescue process, electromechanical equipment manufacturer ACTOM has started transformer production and testing activity at a...
JSE-listed energy and chemicals company Sasol, reporting on its performance for the six months to December 31, 2025, says its Southern Africa destoning plant reached beneficial operation in...
Coal company Liberty Coal has confirmed that about 540 employees have been transferred to Liberty Mine Services (LMS), following its appointment as the principal independent mining contractor at...
Corporate restructuring specialists Metis Strategic Advisors has announced the successful completion of a four-year mandate to stabilise and restructure JSE-listed construction group Stefanutti...
Electromechanical equipment manufacturer ACTOM has unveiled a revitalised transformer production and testing facility in Pretoria. The 40 000 m2 site previously served as a factory for Powertech...
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